Scams Reported by FCA

The Financial Conduct Authority has received almost 5,000 scam reports of people impersonating the regulator in the first six months of 2025.

The FCA said it had received 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year with 480 victims duped into sending money to the fraudster.

Almost two-thirds of reports came from people 56 years old or above.

According to the City watchdog, fraudsters claimed the FCA recovered funds from a crypto wallet that was opened illegally in a person’s name to get them to hand over funds or sensitive information.

Another common method used is to target loan scam victims, who are often very vulnerable, with fraudsters claiming the FCA can help them recover the money they have lost. 

They are then persuaded to hand over further funds.

A separate scam which has emerged involves fraudsters emailing consumers telling them their creditors have taken out a County Court judgment against them and they need to pay the FCA the monies owed.

Another scam uncovered by the regulator was described as ‘pig butchering’, where fraudsters ‘fatten up’ victims by building connections with them and carrying out a long-term investment scam.

After the victim has lost money, scammers attempt to defraud victims a second time by pretending to be the FCA under the guise of helping to ‘recover’ the money.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA. 

“We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords.”

AJ Bell set out five ways to avoid fake FCA scammers. These were:

1. Be suspicious of unsolicited calls, texts, emails or unregulated offers on social media. Although the FCA has accounts posting information on selected social media channels, it does not use WhatsApp or other messaging services or automated call systems to contact people.

2. Never send cash or share sensitive banking information. The FCA would never ask you to send money or bank account statements, online passwords or PIN numbers.

3. Check that any contact from the FCA is genuine. You can check whether contact from the FCA is genuine by calling 0800 111 6768.

4. Report your scam concerns. If you believe someone is trying to impersonate the FCA you can call 0800 111 6768 or use the online contact form.

5. Beware other impersonation scams. Fraudsters often also claim to be from government organisations or services.